Ethiopia

Ethiopia

Ethiopia’s geological formation showed extensive mineral resources with wide-ranging potentials for continuing development. Minerals found in Ethiopia includes gold, platinum, niobium, tantalum, nickel, cooper, chrome, manganese, limestone, sandstone, gypsum, clay, lignite, opal, oil shale, laterite iron ore, bentonite, clay, perlite, diatomite, potash, halite, and oil & gas. The mining and quarrying sector is highly underdeveloped and its contribution to the GDP is limited to 5.6 percent in 2014/15. Gold is the major exportable commodity, earning US$300-500 million per year in foreign currency to the Ethiopian economy. As of January 2016 there were about 170 licensed companies engaged in exploration and development of gold where 51 percent of the licenses issued to foreign firms while 21 percent are joint ventures. Many foreign and some local companies have been granted reconnaissance, exploration and mining licenses for gold and base metals, cement and ceramic raw materials, potash, diatomite, other industrial and construction minerals. Generally, an exploration license is issued for ten years; initial three years followed by a yearly renewal for seven years

Ethiopia, with a population of roughly 95 million, is the second most populous country in sub-Saharan Africa, and one of the fastest growing economies in the world. Ethiopia has registered impressive economic growth for several years, ranging between 8 percent and 12 percent. The World Bank and IMF forecast a growth of 8.1 percent in 2015/16 and an average of 7.5 percent over the next three years. The Government of Ethiopia (GoE) follows a series of integrated five-year development plans, called Growth and Transformation Plans (GTP) to guide the state-led industrial development. GTP II, covering 2016–2020, sets the overall target to achieve an average growth of 11% in the next five years and lays the ground to attain lower-middle income status by 2025. To realize these goals, the GoE continues to invest heavily in large-scale social, infrastructural and energy projects. Ethiopia, with a population of roughly 95 million, is the second most populous country in sub-Saharan Africa, and one of the fastest growing economies in the world. Ethiopia has registered impressive economic growth for several years, ranging between 8 percent and 12 percent. The World Bank and IMF forecast a growth of 8.1 percent in 2015/16 and an average of 7.5 percent over the next three years. The Government of Ethiopia (GoE) follows a series of integrated five-year development plans, called Growth and Transformation Plans (GTP) to guide the state-led industrial development. GTP II, covering 2016–2020, sets the overall target to achieve an average growth of 11% in the next five years and lays the ground to attain lower-middle income status by 2025. To realize these goals, the GoE continues to invest heavily in large-scale social, infrastructural and energy projects.

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